Market Drama

Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA

May 1, 2023 

Watch Time: 4 minutes

Welcome to this week’s Market Drama!

  • The S&P 500 was up almost 1%.
  • Nasdaq is now up 17% year-to-date. 
  • The U.S. aggregate bond index was up and is now up 3.6% year-to-date. 
  • Economic Data:
    • Inflation data – The core CPE index came in as expected at 4.6% year-over-year. 
    • Inflation is coming down sequentially at a slower rate than we’d like. 
    • GDP data for the first quarter came below expectations at a 1.1% annualized growth rate. 
    • Housing data came in worse than expected but we saw strong consumption growth at a 3.7% annualized growth rate. 
  • Earnings:
    • The first quarter of the 2023 earnings season is more than halfway done. 
    • We’ve had positive surprises, especially on the sales front. 
    • 2023 consensus EPS estimates stopped falling. 

What to look out for this week: 

  • The big item to look out for this week is the FOMC.
  • The Federal Reserve is meeting Tuesday and Wednesday. 
    • On Wednesday there’s an 85% probability that they will hike interest rates by 25 basis points. 
  • On Friday we will see the employment data for April. 

Stay tuned for data on this week, next week. 

– Andres

Disclosure: This page is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.

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